Steam Boiler System Market : Global Demand Analysis & Opportunity Outlook 2024
Steam Boiler System Market : Global Demand Analysis & Opportunity Outlook 2024
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Steam Boiler System Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Steam boiler system is referred to the boiler which converts water into steam at a required pressure. These boiler systems are used in many industries such as refineries, power plants and others. Steam boilers are also used as generators to produce electricity.
In water tube boiler by boiler type, the steam is produced by heating the water inside the tube which is surrounded by hot gasses. Water tube boilers are used for high pressure steam applications.
The global steam boiler system market is expected to grow at a CAGR of 5.2% over the forecast period i.e. 2017-2024. Further, steam boiler system market is anticipated to reach USD 15.1 billion globally by 2024. This significant growth can be attributed to various factors such as rise in demand for energy across the globe and favorable government initiatives aiming for the adoption of steam boilers for energy.
In the regional platform, North America is the largest market in terms of market revenue share in overall steam boiler system. Further, this region is expected to continue its dominance by the 2024. The market of steam boiler system is majorly driven on the back of the increasing use of steam boilers systems in refineries, power plants and others. Moreover, the rising demand for steam boiler systems in commercial and residential heating purposes is also envisioned to bolster the growth of steam boiler systems in this region. Likely, U.S. holds the largest market share of steam boiler system owing to the growing food processing industry.CLICK TO DOWNLOAD FREE SAMPLE REPORT
North America region is tailed by Asia-Pacific and Europe region. Asia-Pacific region hold the second largest steam boiler system market. The major countries witnessing the augmented growth are China, India and Japan. Further, China is the dominating country in this region owing to the growing infrastructure and industrialization. Moreover, penetration of major vendors into the Asia-Pacific steam boiler system market is envisioned to bolster the growth of steam boiler systems market in this region. Europe is also estimated to show a tremendous growth over the forecast period owing to the presence of large number of established manufacturing industries.
Our in-depth analysis segmented the global steam boiler system market in the following segments:
Global steam boiler system market is further classified on the basis of region as follows:
Rising demand for energy across the globe and large scale requirement of steam boilers from power plants, refineries and others are believed to be the dynamic factor behind the growth of steam boiler system market. Further, increasing use of steam boiler systems by food processing industry is also projected to boost the demand for steam boiler system.
Moreover, favorable government initiatives for the usage of steam boilers systems and providing incentives in terms of subsidies are envisioned to bolster the growth of steam boiler system market over the forecast period. Further, rapid urbanization and growing industrialization is also anticipated to foster the growth of steam boiler system market globally.
However, high initial investment associated with the installation of steam boiler system is anticipated to dampen the growth of global steam boiler system market over the forecast period. Moreover, high maintenance associated with steam boiler system is expected to hamper the growth of this market.
The major key players for steam boiler system market are as follows
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